Good, Bad, and Ugly

As copper soars, thieves extract a price

NEW YORK, July 13 (Reuters) – When thieves ransacked eight air conditioners in an apartment complex in the city of Mobile, Alabama, the culprits made off with $800 worth of scrap metal and left residents with $38,000 worth of damages.

The price of the red metal traded in New York HGc1 rallied to its highest in nearly three months during the first week of July, placing it within 5 percent of its all-time high of $465 per pound in mid-February this year. Even at roughly $439 on Wednesday morning, the price was still right for thieves.

Your update laughably lists copper price of over $400 U.S. per pound when copper is $4.30 per pound

Joe M.

Yes, we were missing a decimal point in two different figures. We corrected, of course: GBU Editor

Used copper wires are seen in a recycling company in Thoerishaus near Bern July 3, 2011. REUTERS/Ruben Sprich

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